This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 16th June 2022

Bitcoin Recovers after Dropping 30% in 5 Days



Past Performance of BTC

On June 15, Bitcoin prices fell to as low as $20.1k, a 30 percent crash from last weekend's trade range, before pulling back slightly higher in subsequent sessions. Currently, sellers are in control even if prices are steady in the previous trading week. Per the technical candlestick arrangement in the daily chart, sellers have the upper hand. Bitcoin could crash below $20k in the short term.


Bitcoin Technical Analysis

Bitcoin remains volatile at spot rates, and bears are in a commanding position. As sellers press on, aggressive traders should find entries to ride the wave down. Nonetheless, there are hints of bear leg exhaustion. The June 15 pin bar has a long upper wick suggesting strength at the close of yesterday's session. This could be validated if bulls tame rampant bears, arresting the sell-off. A break above $24k could reinforce bulls, allowing for a welcomed recovery. If not, price dumps below $20.1k could see BTC crumble to $17k or worse in the medium term.


What to Expect from BTC

Sellers are still in charge, per the candlestick arrangement in the daily chart. Even so, there are exhaustion signals following the June 14 and 15 bars closing with a long lower wick. A close above $24k may buoy traders, marking this week's losses as a climactic leg down.


Resistance level to watch: $24k

Support level to watch: $20k


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020